Home Highlights December 2014 Year 2014 This

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1. The ITAT considered a case where the PCIT initiated revision u/s 263 regarding capital loss claimed on the sale of a car. The question was whether a motor car used for...

2. Inward supply of motor vehicles used for demonstration purposes in the course of business of supplying motor vehicles cannot be availed as input tax credit on capital...

3. This trade circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers for motor vehicles. The key points are: ITC is...

4. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

5. Whether the sale price received by the Appellant on sale of used motor vehicles could not be included in the turnover as it was exempt from tax under Section 6(3) of the...

6. Classification of imported goods - Turbochargers which are suitable for use only in Off-highway equipment i.e., for generators, earth moving equipment etc. - The AAR...

7. Levy of Vehicle Tax - Vehicle registered in different state - Motor Vehicle Taxation Act, 1976 permits plying vehicles without the incidence of tax for a period of...

8. Entitlement to Input Tax Credit (ITC) - Inward supply of Car / Demo cars - Car used for demonstration purpose to the potential customer interested in buying Mercedes...

9. The appellant contested the service tax demand on trade discounts and incentives received from Tata Motors Limited for promoting or marketing vehicles. The Tribunal held...

10. Classification of supply - bundled service or not - right to use of car/two wheeler vehicle parking space along with the sale of under constructed apartments - it is...

11. Disallowance of depreciation on motor car and disallowance on motor car maintenance - even though the personal use of Chevrolet Beat car by the assessee cannot be ruled...

12. Benefit of exemption subject to the condition that no Cenvat Credit is availed - The appellant are eligible for exemption under Notification No. 30/2004-C.E. when they...

13. Taxability of a Car Stereo System - "electronic goods" falling under Entry 75 or "motor vehicle falling under Entry 18 - It cannot be gainsaid that a car stereo does add...

14. Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

15. CENVAT Credit - capital goods - The motor vehicles need not be used exclusively for providing cargo handling or other listed services. The mere fact that they have also...